Curious About Crypto? Here’s What 10 Financial Experts Think

A photo to accompany a story about financial experts' advice for investing in cryptocurrency

Everyday investors are overflowing with cryptocurrency questions, according to the financial advisors hired to answer them.

There is clearly an “emotional euphoria that seems to be sweeping through the public around cryptocurrency,” says Frederick Stanfield, a CFP with Lifewater Wealth Management in Atlanta, Georgia.

But for the average person focused on retirement planning and financial stability, is it time to consider investing in cryptocurrency?

The answer is complicated, so we asked financial advisors for their crypto advice, and here’s what 10 of them are telling clients. In an emerging field with few set rules and norms, we discovered some universal truths that everyone should know before putting money in cryptocurrency.

First of all, financial advisors say a healthy dose of skepticism is a crucial place to start, and you should never invest in crypto if it takes away from other goals and financial fundamentals like paying off debt, building an emergency fund, or maxing out your retirement accounts.

As difficult as it may be, do not become seduced by the intrigue and allure of this new technology, says Stanfield. Instead, employ the same mindset you bring to your regular investment strategy.

Here’s what else the experts want you to know about cryptocurrency investing:

Be Prepared for Loss

As with any investment, financial gains are far from guaranteed with cryptocurrency investing. For some financial advisors, crypto looks more like a lottery ticket than an investment strategy.

That means you should only put in what you’re OK with losing. “On a spectrum between gambling and investing, I think it’s closer to the former,” says Matt Morris, principal advisor at Sanderling Finance in Columbia, South Carolina.

As a high-risk, high-reward investment, keep any crypto investments in perspective amid your broader goals and finances. As with certain types of gambling, “you have a high chance of losing it all, but a small chance of winning it big,” says Nate Nieri, a CFP with Modern Money Management in San Diego, California. “Just don’t gamble an amount that would burden your family or prevent you from achieving your goals” if you lost it all.

Steer Clear if You’re Risk Averse

If you’re risk averse, crypto isn’t the investment for you.“How well can you sleep at night knowing that this is an emerging asset class with high volatility? And if you were to wake one morning to find that crypto has been banned by the developed nations and it became worthless, would you be OK?” asks Stanield.

If you’re going to be constantly stressing about your crypto investment, or tempted to change your investments in light of the volatility that comes with crypto, then you’re better off putting your money in a more stable investment, according to Stanfield.

“I believe it is still in its infancy stage, and just like any new fund or IPO, there is a level of uncertainty about the future that I’m not ready to stomach,” says Alajahwon Ridgeway, owner of Ridgeway Wealth Management in Lafayette, Louisiana. “I believe it … is an unnecessary risk at this point for my clients to reach their financial goals.”

There’s also far less historical data available about cryptocurrency to help investors make informed decisions — unlike conventional ETF and index/mutual funds. Crypto investors face additional risk in the form of poor or inaccurate trade data, competition among fellow investors, theft, loss of wallet passwords, supply and demand issues, government regulation, and energy consumption concerns, says Chelsea Rude, a CFP at Rude Wealth Advisory in Olney, Illinois.

“Most importantly for investors, there is a lack of a well designed and tested way to value the assets,” Rude says. This means crypto investors are essentially going in blind, and subjecting themselves to the uncertainty that comes with any new business or investment

Know Why You’re Interested In the First Place

Some people see crypto as an emerging investment, while others see it as an interesting new global currency you can use instead of the U.S. dollar or other international currencies. But whether crypto has long-term staying power on either front is still uncertain.

“I strongly believe the vast majority of people who own crypto currency are doing so for all the wrong reasons and misunderstanding what they are truly buying,” says Ben Lies, chief investment officer at Delphi Advisers.

Many experts are concerned about people dumping their money into crypto without real understanding of the area. Do your own research, and make sure you’re thinking about your investment in the right way.

“Hype and excitement around the space are not reasons for inclusion into any portfolio, but I believe there are compelling reasons to consider cryptocurrencies,” says James Vermillion, owner of Vermillion Private Wealth in Lexington, Kentucky. “When discussing crypto with clients I emphasize education and understanding. It’s important to note that there are thousands of cryptocurrencies in existence and they are not created equally. Due diligence is important, just as it is when looking at stocks or other investment vehicles.”

Nieri warns those who see Bitcoin as a currency to think about what that means for investing. “I don’t typically trade or have a currency hedge as part of my investment strategy. Would you have ever thought about trading dollars for Euros as an investment? In order for Bitcoin to be a legitimate currency, the world’s governments would need to accept it as a global currency, something that has a remote likelihood,” Nieri says.

Keep Crypto In Its Place

Don’t rely on crypto investments for your retirement or overall financial strategy. Make sure the majority of your investment portfolio is made up of stable assets projected for long-term growth.

“What I am sharing for [my clients] to do is build their future financial pie with investments such as stocks and bonds. If there is extra money they want to play with, buying crypto is an option,” says Eric Powell, financial advisor and founder of the Future Mill.

Make sure your overall investment portfolio is predominantly made up of conventional investments like stocks and bonds, says Powell. But within any crypto investments you might have, experts recommend sticking with the big names.

“I personally do not go beyond Bitcoin and or Ethereum,” says Michael Kelly, a CFA at Switchback Financial in Madison, Connecticut.  “I feel those two have a bit more of an established base and feel the risk of other coins becomes too significant.”

By:

 

Source: Curious About Crypto? Here’s What 10 Financial Experts Think | NextAdvisor with TIME

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Decentralized finance (commonly referred to as DeFi) is a blockchain-based form of finance that does not rely on central financial intermediaries such as brokerages, exchanges, or banks to offer traditional financial instruments, and instead utilizes smart contracts on blockchains, the most common being Ethereum.[1] DeFi platforms allow people to lend or borrow funds from others, speculate on price movements on a range of assets using derivatives, trade cryptocurrencies, insure against risks, and earn interest in savings-like accounts.[2]

DeFi uses a layered architecture and highly composable building blocks.[3] Some DeFi applications promote high interest rates[2] but are subject to high risk.[1] By October 2020, over $11 billion (worth in cryptocurrency) was deposited in various decentralized finance protocols, which represented more than a tenfold growth during the course of 2020.[4][2] As of January 2021, approximately $20.5 billion was invested in DeFi.[5]

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References

Braun, Alexander; Cohen, Lauren H.; Xu, Jiahua (May 2020). “fidentiaX: The Tradable Insurance Marketplace on Blockchain”. Harvard Business School. Retrieved 2021-01-05.

BlockFi Mistakenly Deposits Outsized Bitcoin Payments

In this photo illustration the cryptocurrency exchange...

BlockFi, the crypto lending and trading business, mistakenly deposited large amounts of crypto to user accounts. The payments were associated with a promotion they were running, in which users would receive bonuses in USD stablecoins.

The promotion was intended to be “paid out in one lump sum in GUSD” according to their website. Instead, some accounts were paid the amount denominated in Bitcoin, with some receiving over 700 BTC (worth >$28,000,000 at current prices).

A screenshot from one affected user who withdrew the funds shows threat of possible legal action should they not be returned, and a pay-out of $500 should they return them by a set time.

BlockFi clearly has their hands full dealing with the mistakenly deposited bonus payments, and users have reported experiencing additional issues with the company’s services. The BlockFi subreddit is full of posts with individuals receiving the mistaken funds, having difficulty withdrawing, and being unable to trade. One user claims to have been falsely accused of withdrawing mistaken funds after withdrawing USDC which he or she had been deposited a month earlier.

A statement by BlockFi, noted that “fewer than 100 clients were incorrectly credited,” and “BlockFi has contacted these clients and is working with them to rectify the issue.”

There are risks with using centralized services like lending platforms and exchanges—these are especially well known by early Bitcoiner’s who have witnesses a great number of hacks, exit-scams, and insolvencies wipe out customer funds held by large custodians.

BlockFi claims that “client funds are not impacted and are safeguarded.” After raising a recent $350 million funding round, the company likely has large pools of capital to pull from should they be unable to recoup any of the mis-credited funds from users who withdrew to personal wallets.

BlockFi’s previous promotion was, indeed, a friend referral promotion which offered (albeit small) BTC rewards.

I am the Director of Research and Development at Inca Digital, a data and intelligence provider in the digital asset space. I use Inca’s proprietary data system, NTerminal, to aggregate and analyze structured and unstructured data.

Before Inca, I helped start up a pharmacogenetics laboratory and worked in neurodegenerative research. My scientific background influences the way that I think about complex systems such as blockchain networks, and the models used to understand them.

Source: BlockFi Mistakenly Deposits Outsized Bitcoin Payments

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Reversing the excess bitcoin rewards

One user who reached out to CoinDesk said they received a large sum of BTC in their account which they thought was a reward for referring their friends – so they sent it to their cold storage wallet. BlockFi’s previous promotion was, indeed, a friend referral promotion which offered (albeit small) BTC rewards.

The user said after looking at the transaction in more detail, they realized it was an error, so they requested a cancellation of the withdrawal. The cancelation request was confirmed via email and their account shows the BTC transaction was reversed, with a note specifying they had reversed the bonus transaction. Nevertheless, the user said the bitcoin reward ended up in their cold storage wallet. They shared these documents with CoinDesk, and the blockchain shows that the funds were indeed transferred to their wallet address.

The next day, they received a phone call and an email (which CoinDesk has reviewed) from BlockFi threatening legal action if they didn’t return the funds, but also offering $1,000 worth of the stablecoin GUSD for any trouble this may have caused.

Other users on Reddit posted images of BlockFi’s “generous” giveaway, with one deposit amounting to over 700 BTC. That transaction, according to the user, was reversed. Another said their friend received 5 BTC and was, in fact, able to move it off the platform.

Yet another user said they received both BTC and GUSD, only to have the BTC reversed. The GUSD remained, but a couple of days later when they tried to withdraw some USDC (+0.09%), a different stablecoin they had deposited a month earlier, BlockFi sent an email accusing them of withdrawing funds that weren’t theirs.

Genesis Mining Technologies Currently Butte Energy Announces Go-Public Transaction For Entire Cryptocurrency Mining IP Asset Portfolio and Growth Pipeline of Global Leader

Highlights:

  • Entire portfolio of Genesis Mining Group’s cryptocurrency-related intellectual property to be taken public, together with more than 200MW pipeline of contracted, green-powered cryptocurrency data centre construction and expansion projects in Europe and North America
  • Resulting issuer will bring to market turnkey financing and technology solutions for cryptocurrency data centre operators around the world, leveraging Genesis Mining Group’s pioneering proprietary software platforms Hexa, Janus, and Block Explorer, and supply-chain relationships built over nearly a decade in the industry
  • Genesis Mining Group Founder and CEO, Marco Streng, to be appointed as Chairman
  • C$20 million private placement financing

VANCOUVER, BC and BIRKIRKARA, Malta, Feb. 12, 2021 /CNW/ – Butte Energy Inc. (TSXV: BEN.H) (the “Company” or “Genesis Mining Technologies“) (being renamed Genesis Mining Technologies Corp.) has entered into an arms-length, legally binding letter of intent dated February 12, 2021 with Genesis Group Limited (“Genesis Mining Group“) to acquire (the “Transaction“):

    1. all of Genesis Mining Group’s intellectual property relating to cryptocurrency mining operations, including its proprietary (i) datacentre construction, layout, and cooling system known as “AC/DC”; (ii) datacentre monitoring and optimization software platform known as “Hexa”; (iii) blockchain data analysis tool known as “Block Explorer”; and (iv) cryptocurrency market forecasting software platform known as “Janus”; and
    2. all rights to Genesis Mining Group’s more than 200MW pipeline of contracted cryptocurrency mining data centre construction and expansion projects in Europe and North America.

The Company

Leveraging its pioneering, proprietary software platforms and supply-chain relationships built over nearly a decade in the industry, Genesis Mining Technologies intends to bring flexible, turnkey financing and technology solutions to cryptocurrency data centre operators around the world. Genesis Mining has serviced over 2,000,000 customers since its founding in 2013 and has established a broad network of partner data centre operators globally.

“This go-public transaction marks a pivotal next step in Genesis Mining Group’s history and will be a gamechanger for the cryptocurrency mining industry,” commented Marco Streng, Founder and CEO of Genesis Mining Group and incoming Chairman of the Company. “We believe that cryptocurrencies will be at the centre of the future of global commerce.

However, the integrity of this system requires computing infrastructure that is decentralized, optimally architected, and powered sustainably with green energy. With Genesis Mining Technologies’ turnkey solutions, existing operators and new entrants with access to cheap, green power can obtain the financing, procurement, and operational ingredients to compete with the world’s leading miners, in one stop.”

The Company will constitute Genesis Mining Group’s core business going forward, with all future mining operations and financing transactions to be structured such that economics will accrue to the Company solely, with Genesis Mining Group’s exposure being through its shareholdings in the Company.

Concurrent with closing of the Transaction (“Closing“), Genesis Mining Group (or its affiliates and principals) will be issued such number of shares of the Company as will constitute approximately 80% of the issued and outstanding common shares following completion of the equity financing and consolidation (described below). Closing is subject to receipt of TSXV approval, completion of definitive documentation, any requisite shareholder approvals, and completion of the consolidation and equity financing.

The Business Model and Pipeline

With the global market capitalization of cryptocurrencies recently topping US$1 trillion1, and Bitcoin (BTC) and Ethereum (ETH) hitting all-time-highs, Genesis Mining Technologies intends to provide investors with de-risked exposure to a diversified portfolio of cryptocurrency mining assets and financing and technology licensing structures with third party partners. The Company will provide investors with direct exposure to cryptocurrency price performance, focusing its business model on driving free cashflow.

The Company’s current pipeline consists of five anticipated deals in Europe and North America, with a more than 200MW supply of cheap, green power already under contract. The Company will use these internally generated opportunities to develop and pilot its financing and technology solutions. These initial projects may take a variety of ownership and financing forms, but the Company intends to focus its efforts on rolling out its solutions at scale by partnering with other established miners and new entrants to the market.

The Company’s solutions will be focused on operators of green powered cryptocurrency infrastructure projects around the world to provide (i) flexible financing solutions for new buildouts and expansions, (ii) procurement of the right mining hardware for the project, benefitting from Genesis Mining Group’s know-how and supply chain relationships built over years of being one of the top miners globally, and (iii) optimization of operations through access to the Company’s technologies, including its AC/DC, Hexa, Block Explorer, and cryptocurrency market forecasting platform.

Management and Board

The Company will appoint an experienced management team and board of directors on Closing consisting of principals from the Company and Genesis Mining Group, including incoming Chairman Marco Streng.

Marco Streng is a crypto mining industry pioneer and Founder and CEO of Genesis Mining Group. In 2013, he co-founded and launched Genesis Mining, bootstrapping the organization into becoming one of the largest crypto mining companies in the world serving over 2,000,000 customers.

Tillmann Korb will be appointed as the Company’s Chief Executive Officer. Mr. Korb holds a Master’s degree in mechanical engineering. He studied at the Technical University of Munich and École Central Paris. His professional career started in strategy and management consulting, with a focus on the German automotive industry. He has been a cryptocurrency and blockchain enthusiast since the early days. Motivated by the urge to turn his private enthusiasm into a professional career, he started his engagement for Genesis Mining Group as Regional Manager for North America, developing cryptocurrency data centers and business relations. He was key in pivoting Genesis Mining Group’s business model to providing mining technologies and financial resources to its established partner network.

Consolidation and Financing

On or before Closing, a consolidation of the Company’s issued and outstanding share capital on the basis of one new common share for every four outstanding common shares will be completed. No fractional shares will be issued under the consolidation and any fraction will be rounded to the nearest whole number.

In connection with the Transaction, the Company will complete a private placement financing of subscription receipts (“Subscription Receipts“) at a price of C$1.00 per Subscription Receipt for aggregate proceeds of C$20,000,000, subject to the approval of the TSX Venture Exchange (the “Exchange“). Each Subscription Receipt will convert into one post-consolidation common share of the Company immediately prior to the completion of the Transaction. Proceeds from the financing will be used to commence initial deployments of capital into Genesis Mining Technologies’ existing pipeline and for general working capital.

Trading in the common shares of the Company has been halted in accordance with the policies of the Exchange and will remain halted until such time as all required documentation has been filed with and accepted by the Exchange and permission to resume trading has been obtained from the Exchange. Since the common shares of the Company are listed on the NEX market of the Exchange, and the Transaction does not constitute a Related Party Transaction under the policies of the Exchange, the Company is not required to seek shareholder approval for the Transaction.

For corporate updates, please register to our mailing list at genesis.tech.

Completion of the transaction is subject to a number of conditions, including but not limited to, Exchange acceptance and if applicable, disinterested shareholder approval. Where applicable, the transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of the Company should be considered highly speculative.

The Exchange has in no way passed upon the merits of the Transaction and has neither approved nor disapproved the contents of this news release. Neither the Exchange nor its Regulation Services Provider (as that term is defined in policies of the Exchange) accepts responsibility for the adequacy or accuracy of this news release.

ON BEHALF OF Butte Energy Inc.
(to be renamed GENESIS MINING TECHNOLOGIES CORP.)

“Geir Liland”

CEO and Director

For further information: Geir Liland, Tel: (604) 609-6110

Source: Genesis Mining Technologies (currently Butte Energy) Announces Go-Public Transaction for Entire Cryptocurrency Mining IP Asset Portfolio and Growth Pipeline of Global Leader, Genesis Mining Group

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Bee Network Is An Anonymously Managed Clone of Pi Network

https://i2.wp.com/onlinemarketingscoops.com/wp-content/uploads/2021/03/EtS_DYxUcAUXV1X.png?resize=811%2C610&ssl=1

How did it grow so fast?

As a new network offering a free coin that will be magnetizable one day, it could be attracting users that didn’t join other such networks (e.g. Pi network) early on. It seems that some people are really into maximizing their virtual currency holding.

Similar to Pi Network, Bee has a referral marketing model and provides higher digital coins to initial users creating MLM like incentives for users. Based on our qualitative assessment of online comments, people seem to be driven by the desire to make money with very limited effort and are not concerned about their privacy since they already freely provide their data to other companies such as Facebook.

Bee Network has registered over 7 million users worldwide on 2 Mar 2021, the 13th week since our global launch. We have seen that the ranking of countries with most users are constantly changing! This is a good sign which Bee Network has gained momentum and gone viral across different communities in different period.

It does not matter where you are from as we are all the pioneers in making Bee Network great together. Let’s keep it grows and spread the word to the rest of the world!

Institutions buy more Bitcoins per month and there isn’t enough for everyone. As bitcoin is circulating freely right now, blockchain data show, the number has been getting smaller with each passing month over the last year. The pattern suggests that the ever decreasing supply of bitcoin available to buy and sell might lead to a price surge as more investors jump into the cryptocurrency market.

Rafael Schultze – Kraft, Chief Technology Officer of Glassnode, blockchain data company, reported that a total of 26,000 new bitcoins have been minded since 2021, and Grayscale has bought 40,000 bitcoins this year, worth up to 1.5 billion US dollars. At the same time, it means that the speed at which Grayscale buys bitcoins is 154% of the supply of newly mined bitcoin this year.

Fewer bitcoins are becoming available to investors, so as a result, the bitcoin price drives up. A longer period that seen historically, potentially providing more support to bitcoin’s price strength in the long term despite short-term corrections like last week’s 21% retreat.

The followings are the benefits mostly used in BEE:

  • Majority knows crypto, minority grasped its growth.
  • Majority burns energy, minority mines the fruit.
  • Majority invests, minority cashes out.
  • Majority gambles, minority manipulates.
  • Decentralized Ecosystem
  • Gaming experience of Bee Network is built upon an ecosystem of decentralization.
  • Fair Game For Everyone
  • Anyone with mobile phone and internet access can join the game upon referral. No supercomputers needed.
  • Exciting Game Experience
  • You will be rewarded by active participation in the game of Bee Network.
  • You are only required to verify one of your Facebook accounts, or phone number, or Apple ID at stage 1. Bee Network will require further verification from you when the project has entered next phases.

Once you have chosen to use a phone number as your signup method, you can only login your Bee account by SMS verification to that phone number. Therefore, if your SIM card is not a fixed mobile phone for some reasons, we suggest you use Facebook or Apple ID as your sign-in method.

If the application still can’t proceed, we recommend you uninstall the application and delete the relevant data on your phone, and download the latest version on App Store or Google Play and launch again. This shall not affect your Bee balance given you have not signed out before a 24-hour session ends.

Dont forget to put this referral code in registration: arminham

Source: Bee Network is an anonymously managed clone of Pi Network

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Tesla Sends Bitcoin To Record High With $1.5bn Investment

Tesla has invested $1.5bn in bitcoin and plans to begin accepting it for payment in one of the highest-profile endorsements of the cryptocurrency sector by a major US company. The disclosure from the electric carmaker sent bitcoin rallying to a record high of $44,100, extending its 50 per cent surge so far this year.

Analysts have put the meteoric rally down to growing enthusiasm from institutional investors seeking returns in the era of low interest rates. In a regulatory filing on Monday, Tesla said it purchased the bitcoins after changing its investment policy last month to “diversify and maximise” returns on its cash. Line chart of $ per coin showing Bitcoin soars after Tesla reveals $1.5bn investment For years Tesla was short of cash as it invested heavily in developing its electric vehicles.

Although its finances have improved, the bitcoin investment still represents about 8 per cent of the $19.4bn it held in cash and liquid assets at the end of December, according to the filing. The group said it expected to accept bitcoin as a form of payment for its products, although initially on a “limited basis”, adding that it might sell the digital assets for hard currency once payments are processed.

Elon Musk, Tesla’s founder, has been a vocal supporter of digital assets on social media, particularly about dogecoin, which he said was the “people’s crypto”. In December he wrote on Twitter that bitcoin was his “safeword” in an apparent joke. Robyn Denholm, an Australian telecoms executive who took over from Musk as chair of Tesla’s board in 2018, is head of the audit committee that signed off on the change to the company’s investment policy.

The change allows Tesla to invest “a portion” of its cash in “alternative reserve assets including digital assets [and] gold bullion”. Recommended John Gapper Electric vehicles need to arrive as fast as vaccines The carmaker is the latest consumer-facing company to venture into cryptocurrency markets, following PayPal. However, cryptocurrencies remain highly volatile and are risky to hold due to frequent hacking and fraud, as well as difficulties in transferring them to cash.

“We believe our bitcoin holdings are highly liquid. However, digital assets may be subject to volatile market prices, which may be unfavourable at the time when we want or need to liquidate them,” Tesla said on Monday. “[This] is a potential game-changing move for the use of bitcoin from a transactional perspective,” said Dan Ives, an analyst at Wedbush Securities.

Ives said the announcement from Tesla could prompt other companies to make similar decisions given the growing interest in digital currencies. “Investors and other industry watchers will be watching this closely to see if other corporations follow the lead of Tesla on this crypto path or on the other hand does it remain a contained few names that make this strategic jump around bitcoin.”

By: Eva Szalay

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Digital Asset News

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Why Scottish Paybis Is Still Among The Reliable Investment Services In The World

Paybis The One Stop Shop For All Your Cryptocurrency. Paybis offers a wide range of different payment methods to buy and sell Bitcoin and five more cryptocurrencies. You can buy Bitcoins directly on Paybis with credit or debit card or any payment method which suits you the best. Their goal is to provide the customers a secure trading platform with 24/7 live support.


Paybis is a fast-growing company of experienced professionals from various industries who joined efforts in order to solve the problem of getting crypto fast and securely. The team consists of IT and Executive professionals, as well as experienced traders with several thousand, completed deals in their background. Their mission is to provide one of the best international cryptocurrency exchange services and help people transfer their funds between different payment systems quickly and with minimum fees.


Paybis’ Background

The Paybis story has started in 2014, since then the exchange has grown to an international market place which serves more than 200,000 customers worldwide. They have completed more than 200,000 transactions since the beginning.

Paybis LTD is the company behind the operations of Paybis.com exchange. The company is registered in the United Kingdom with the registered address as 35/3 Buchanan Street, Edinburgh, United Kingdom, EH6 8RB. The founders are originally from Latvia.

Two employees are listed on Paybis LTD’s LinkedIn profile who are working for the company. Inokentijs Isers, from Latvia, is the director of Paybis LTD according to the company registrar, but he does not have a LinkedIn account. The other founder of the exchange is Konstantin Vasilenko who is an IT expert with over 15 years of extensive experience in enterprise IT project management, CRM systems, Blockchain, Digital Payments, and cryptocurrencies.

From 2015 he is the co-founded Paybis.com.Prior to joining the cryptospace he had 10+ year working career at Accenture, a Fortune 500 global management consulting and professional services firm that provides strategy, consulting, digital, technology and operations services. Vasilenko graduated from the University of Riga as an IT professional.

Paybis is actively present on major social media platforms. They are sharing industry related interesting information with their 1k followers on Facebook. Similarly, their 1k followers on Twitter can read guides and walkthrough from the exchanges beyond retweets of industry related news. Their Youtube channel however only has one video so far. An important item on their social media list is the Trustpilot page. Out of 3915 reviews, they have gained a 9.2 rating from their users, which indeed increases the transparency of their activity.


To sign at and trade on Paybis you have multiple options to choose from for registration. In order to make the signup process as smooth and fast as it could be, you can use your Facebook or Google account to sign up for their services quickly and securely. If you do not want to give permission to your account by third-party accesses, you can always go down the usual road of providing your name and email address for registration. You need to confirm your email address in order to sign in, so make sure you provide a valid email.


At the same time, they respect privacy promise all information you provide them is kept securely on their servers that are not connected to the public web.Normally it takes 10-20 mins to get verified while making the first transaction if you fill in all information required correctly and you upload good quality pictures. There are 3 levels of verification you can choose from, each has its own limits depending on the payment method you would like to use.


The level 1 verification is mandatory to use the platform. This includes providing personal information (like name, date of birth, address, ID numbers). You also need to provide a copy of your documents to them. For level 2 verification you need to provide them with a selfie of your IDs and a proof of your address. For level 3 verification they also require additional documentation for your bank account and a minimum amount of completed transaction on the platform.


Although generically speaking you are required to verify your identity when using the platform, there are some exceptions you can still buy bitcoin without verification. There are a few methods available to buy Bitcoin without verification. Amazon.com gift cards do not require verification. Additionally, the level 1 verification for Perfect Money, Advanced Cash and Payeer payment methods are granted automatically, thus you can make purchases of Bitcoin without verification up to specific amounts.


Verification limits are depending on the payment method you would like to use. For Visa/MasterCard credit/debit cards, limits are USD 20,000/50,000 per week/month. For other digital wallet payments like Advanced Cash, Perfect Money, and others, they allow up to USD/EUR 500,000 per week. With Bank Transfers EUR/USD/RUB Paybis allows up to USD 200,000 of purchases per week or equivalent in other currencies.


Paybis does not support every single country in the world. Due to local legislation, Paybis does not provide services to the residents of certain US states (New York (NY), Georgia (GA), Connecticut (CT), New Mexico (NM), Washington (WA), Hawaii (HI)) and some other countries due to international trade agreements. Make sure you check out the list of restricted countries on their website before signing up.

They also suggest certain payment methods depending on your location. In the US credit card is good for a large amount, but alternative payment provides are not available to US residents. For European Union residents all the listed payment methods are available. For Russia and CIS countries, the most popular payment method is using credit and debit cards, but they only accept EUR and USD payment, which mean additional currency conversion charges are applied on a transfer.

For the rest of the world, Paybis suggest using bank wire transfers but for them, EUR transfers are not supported.
The most impressive feature of Paybis is the variety of payment methods they offer. You can pay with Visa and Mastercards, SEPA or bank wire transfers. But they also offer a lot of different alternative payment option, such as paying with Amazon gift cards or Skrill, Yandey, Perfect Money funds.

Paybis features

You can even earn extra cash through their lucrative referral program. 10% of the profit is shared after each transaction done by your referral. In addition to this, they have a multi-tier system which means you are earning commissions after those referrals which are an affiliate to your first level referral.Paybis also offers guest blogging opportunity for those who would like to improve the SEO of their site. Something you rarely see on any crypto exchange.


Fees on Paybis
Before engaging into a deal on Paybis, make sure you check the fees and commissions on their rates sheet. The fee structure is a bit complicated so make sure you take the time to understand what you are dealing with.
Each payment method comes with a different fee which is based on a % commission and sometimes a flat fee added to this. Flat fees can increase your base costs during a small amount of purchases. The price of bitcoin and other cryptocurrency is depending thus on the payment method you choose. Paybis tried to be transparent as much they could be on the fees side, so you can see next to each payment method how much will that purchase cost to you after the commissions and fees are deducted. The price of Bitcoin and other cryptos are also varying depending on if you are buying or selling.


Security on Paybis

Paybis have turned on the possibility to add ratings to their Facebook page this means anyone who has a Facebook profile can rate their service which they cannot modify. This ensures that even bad reviews stay on the page, but unfortunately also means that anyone can comment with a Facebook account, regardless if they have truly used the service. Out of 18 opinions, their service is rated at 3.8/5. There were two users complaining about their service so far. Their issue was that Paybis asked for personal documents before the transactions. On the other hand, apart from these complaints, there are no real complaints about their services, nobody reported that they got scammed using their services and their Trustpilot rating is very high as well.

Paybis does not store any cryptocurrency on behalf of you. When you purchase the coins, the cryptocurrency is transferred directly into the wallet of yours. This reduces the risk of a hacking incident where the funds of the clients would be stolen from the exchange.

They do not have a 2FA security layer, so the password protection is the only gate on the site. Paybis stores offline all client related information, not on public servers.


Supported Payment Methods

Credit Card
Debit Card
Wire Transfer
Skrill
Neteller
AdvCash
Payeer
Perfect Money

Supported Countries

All countries except:

Bahamas
Botswana
Cambodia
Ghana
Iceland
Iran, Islamic Republic of
Korea, Democratic Republic of
Mongolia
Pakistan
Panama
Syrian Arab Republic
Trinidad and Tobago
Yemen
Zimbabwe
Afghanistan
Cuba
Iraq
Kyrgyzstan
Lebanon
Sudan
Some States in the US

Source: http://paybis.com

Cryptobitfortune From $500 Tiny Investment To $2500 In a Week Legit & Real

Cryptobitfortune Limited a company which is a developer and producer of ASIC Bitcoin miners. The company has been studying and mining this cryptocurrency for many years. Not so long ago we have developed a new-generation Bitcoin miner, which exponentially outweighs its competitiors based on the equipment price and power ratio.

Cryptobitfortune has power ratings of 50 TH/s, while the price doesn’t exceed the value of standard miners. This allows us to be the world leaders and opens the way for further development and market expansion.

Cryptobitfortune Mining is here to bring cryptocurrency mining to the investment world. We believe bitcoin has a long and significant role in the new monetary system that is forming. Our goal is to raise capital and scale our mining business; we are currently in operation and already delivering returns to our investors. With Cryptobitfortune, investors become our partners and share in the realization of profits, while assuring themselves a stable and passive income.

Because of our efficiencies, we are able to operate on lower costs and thereby pass those savings on to our investors. We guarantee the technical serviceability and continuous work of equipment which you purchase from us. Stop investing in suspicious companies which shut down every day more often! Invest in Cryptobitfortune! Cryptobitfortune company is a reliable and safe investment in the best mining equipment.

How much can I invest here? Each of your deposits can be for any amount from 0.002 BTC to 5 BTC. The number of such deposits is unlimited.

When will I get my first profits? Profit is generated on a daily basis, the first accrual will be after 1 day (24 hours).

Do you also work on weekends? Yes, profits are also accrued on Saturdays and Sundays.

How secure is your website and my account data? We have a wide range of security measures to protect your account. Our website is protected against DDoS attacks, all transferred data are SSL-encrypted. We use a licensed script for transactions together with online security certificates, you are able to see full list on our main page. Our website is located on a one of the best dedicated server.

What I need to do to become an investor? To become an Investor of cryptobitfortune.co you need to open an account. Registering is completely free and will take only a few minutes. After this you can officially become a member and will be able to execute your investment strategies. Please note that by agreeing to the Terms and Conditions of Use during the registration you automatically confirm that you are of legal age in your country of residence and that by using our platform you don`t violate any laws of your country of residence.

Worldwide web servers protected by OVH, one of most experienced , professional and trusted DDoS Protection and mitigation provider.EV SSL(Extended Validation SSL) encryption and has green address bar that confirms that the presented content is the genuine and legitimate.

Every withdrawal requests processes are instantly to your eCurrency account. You can make as many request as you want everyday.We understand how important having reliable support service is to you. Please don’t hesitate to contact us should you have any questions and we will get back…

Source: https://crypto-bitfortune.com

What Is Liquidity and How To Find a Liquid Exchange

Liquidity is a topic that always pops up now and then in both the crypto community and beyond. We are sure that there is no crypto enthusiast who hasn’t heard about Bitcoin liquidity. The question is how to calculate liquidity and how to find the most liquid exchange? Let’s dig out the truth, but first things first.

Some Terminology

Liquidity is a key parameter of a certain market, which reflects the “saleability” of a certain asset. Making it simple – liquidity reflects the price change, which will be caused by filling the Market order of a certain size. In a perfectly liquid market, one would be able to sell any amount of an asset at the same price without moving it.

Thus, liquidity is an opportunity to sell assets on the market without influencing their price. Liquidity could be measured not only for certain assets but also for the whole market in general. Let’s dig deeper and determine how liquidity affects crypto trading with and what you should know about it.

The liquidity of a cryptocurrency is determined by a number of factors – from its popularity to real-world use cases of the traded asset. To better understand the concept of liquidity, it’s crucial to introduce the Order Book of a certain market. The name says it all – order book is a list of other people’s confirmed desire to purchase a traded asset at a certain limit price. When someone needs to buy or sell the crypto-asset immediately, they will have to place Market orders, which will execute against the available orders in the order book.


How To Detect Liquid Exchange?

For example, someone plans to Buy or Sell 1 BTC having an appropriate amount of USDT and BTC on balance. Let’s review some of the options to do this (it’s worth mentioning that at the time of writing, BTC is worth something around $9,200).

First, let’s look at BTC/USDT pair on the Binance exchange.

In the right section of the trading interface, you can see the above-mentioned order book and the last price at which BTC was bought or sold. From the order book, we can see that the lowest price at which someone is ready to Sell BTC is 9,189.04 and there is 4.026387 BTC available at this price.

If the user will submit a Market Buy order at the moment of the screenshot, her order will be matched against that offer and the last price of BTC/USDT would become $9,189.84, the amount of BTC available at this price will decrease and become 3.206387 BTC. In this case, liquidity on a Binance BTC/USDT pair on the Buy-side was good enough for a 1 BTC order size allowing the trader to Buy the BTC at the best available price.

At the same time, we can see from the other side of the order book that the highest price at which someone is willing to Buy BTC is 9,189.83, but they are willing to buy only 0.693640 BTC at this price. Consequently, if the user submits a Market Sell order for 1 BTC, he will ‘eat’ through 3 levels of the order book. Such an order will consume entire Buy offers at 9,189.83 and 9,189.71 levels and most of the 9,189.47 price level, moving BTC/USDT price to $9,189.47. At the same time, the All Buy orders sitting in the Order Book with the prices of $9,189.83 and $9,189.71 would be 100% filled, while the Buy orders with the price of $9,189.47 would be partially filled for the size of 0.30136 BTC. The average execution price of the 1 BTC Market Sell would be:

0.69364*9,189.83 + 0.005*9,189.71 + 0.30136*9,189.47 = $9,189.72. The difference of $0.11 between the observed best Buy offer in the Order Book at 9,189.83 and effectively achieved the average execution price of 9,189.72is called price slippage. Price slippage represents a loss for the trader due to insufficient liquidity on the Buy side of the Binance order book. Were the trader to send a Market Sell order for the amount greater than 1 BTC, the price slippage incurred would increase substantially.

Besides the direct price slippage implications of exchange order book liquidity, one could also try to derive various trading signals from it.  In the example above, since the liquidity of BTC/USDT pair on Binance appears to be better on the Sell-side of the order book, a simple conclusion could be drawn that the Selling pressure is high and that high Level 1 Sell liquidity represents market makers’ opinion that the short-term market price movement will be downwards. However, since this prediction is quite obvious, it might not come to fruition.

Binance, though, isn’t the only exchange on the market. Let’s check what would happen if the same user would try to complete the same orders on let-it-be BitRabbit exchange. Frankly speaking, we’ve never heard of this exchange and strongly don’t recommend using it for trading. One of the reasons, apart from the funny name and doubtful security of the exchange, would be presented below.

On a screenshot, you can see the same market (BTC/USDT) on the BitRabbit exchange. The first notable difference is that the price of BitRabbit is around $30 lower than on Binance. Though, it’s not the biggest problem with this screenshot.

If the user will (for any reason) deposit the necessary funds to purchase and sell 1 BTC worth of assets – the situation will be different compared to Binance.

If she will try to submit a Market Buy of 1 BTC for USDT the order will be executed at the price that is nowhere near the Last Price of  $9,163.98. The thing is that all the Sell orders sitting in the whole visible part of the order book aren’t enough to fill the order of 1 BTC. Even more, they won’t even fill a third of it, which means that the average price of 1 BTC purchased on this exchange at Market would be over $9,182, representing a price slippage of almost $20. Remember, that on Binance the price slippage incurred by the same 1 BTC order was just $0.11.

In the case of Market Sell Order of 1 BTC on BitRabbit, the slippage would not be so bad, though the order will ‘eat’ through the first three levels of the order books and fill at fourth – the price will slip less than a dollar.

This simple comparison gives you a basic idea of why liquidity is such an important characteristic of an exchange. If an order of 1 BTC can create a slippage of 20+ dollars, imagine what would happen next time BTC rallies some $500+ in 15 minutes and you are trying to exit or enter a large position on an exchange like BitRabbit.

What Influences Liquidity?

Exchange listings.

The asset’s presence on several trading platforms increases its liquidity in most cases. The more exchanges have listed an asset, the more opportunities for traders to trade it. So, the trade volume is increasing. 

Though, often, listings don’t provide liquidity. It is a typical situation when one of the assets in TOP 50-150 of CoinMarketCap is listed on 10 exchanges, while it has more than $100,000 daily volume only on 1-2 of them.

Though, in general, new cryptocurrencies are characterized by low liquidity due to their absence from major exchanges.

Use cases outside the crypto industry.

A holy grail of every crypto project is wide user adoption though, real adoption was achieved only by a few of the coins on the market. Apart from the obvious BTC use case as a “digital gold” and store of value, Ethereum managed to get some real usage back in 2017, when a boom of Smart Contracts and ICOs occurred. It now seems to gain traction with DeFi.The most recent example of wide enough adoption is Binance Coin, which became a lottery ticket to the IEO hype of 2019. Though, both of these cases still weren’t a “wide adoption outside of the crypto industry” – more like wide adoption inside of it.

Popularization. 

The stronger the crypto community scales, the more liquid in general the crypto assets are. This fact is undeniable and the proof is the performance of Bitcoin in 2017, when this coin rapidly gained at price, volume, social media mentions, and Google trends.

However, if the cryptocurrency is new and a sufficient number of crypto enthusiasts haven’t heard about it, then, most certainly, it lacks trust from the crypto community. The asset would be considered of low liquidity or, in the worst case, manipulated by bot trading and fake market making. At the same time, the asset has every chance to change its position, drawing attention to it with marketing activities, constant development, and a solid project team behind the project.

Cryptocurrency Liquidity as an Indicator of Confidence

The liquidity of cryptocurrencies is undoubtedly an important parameter that you should pay attention to when devising your trading strategy.

Think about buying a $10,000 worth of some TOP-500 altcoin, while it’s daily trading volume is $20,000. In the best case, if you don’t want to push the price up to and incur huge slippage, you’d have to accumulate your position over a week or even a few weeks. Illiquid assets often become subjects of speculations, and pump and dump schemes. It is easier for pumpers to influence the price of an illiquid asset by buying or selling a large chunk of the daily volume of this asset. In case, if the asset has low liquidity, this “large chunk” of daily volume would cost the pumpers less money. 

Sadly, Pump and Dump schemes are still a thing in the crypto market. As a result, the vast majority of the new crypto traders fall victims to at least one of those schemes. Mainly, if a new crypto enthusiast goes through an experience like this, basically a new crypto market hater would go to social media and spread the word that the whole industry is a fraud.

Current Market Liquidity

One notable thing about crypto markets and industry, in general, is that despite the speculative spikes, one could see a slow but steady adoption. It is reflected not only in the real-world use cases, a growing number of wallets, and on-chain transactions but also in the growing liquidity of the crypto market in general. It can be seen when looking at the crypto trading volume on major exchanges 2020 volumes are much higher than in 2017 or 2018 when BTC was all over the news with an all-time high price of $18,000-$20,000.

Though undeniably growing in general, crypto liquidity is shifting. Some of these shifts represent secular trends such as growing liquidity of derivative and margin exchanges vs the spot exchanges, and some are cyclical, such as periodic shifts from BTC to altcoins (altseason) and back, or the evergreen ‘flippening’ of BTC and ETH. 

Source: https://goodcrypto.app

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Liquidity definition including break down of areas in the definition. Analyzing the definition of key term often provides more insight about concepts. Liquidity can be defined as: Availability of resources to meet short-term cash requirements. Liquidity has to do with our ability to pay for short term obligations, whether they be short term debt or operational needs.

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IRS Will Pay Up To $625,000 If You Can Crack Monero, Other Privacy Coins

When the Internal Revenue Service (IRS) signaled that it was getting serious about cryptocurrency, the agency wasn’t kidding. The IRS is now offering cash to anyone who can “reliably produce useful results on a variety of real-world CI cryptocurrency investigations involving Monero and/or Lightning.” That’s right: they are looking for code crackers.

The IRS has made no secret that it believes that taxpayers are not correctly reporting cryptocurrency transactions. An IRS dive into the data showed that for the 2013 through 2015 tax years, when IRS matched data collected from forms 8949, Sales and Other Dispositions of Capital Assets, which were filed electronically, they found that just 807 individuals reported a transaction using a property description likely related to bitcoin in 2013; in 2014, that number was only 893; and in 2015, the number fell to 802.

Cryptocurrency Compliance Efforts

A new cryptocurrency compliance measure for taxpayers was introduced in 2019 in the form of a checkbox on the top of Schedule 1, Additional Income and Adjustments to Income (Schedule 1 is used to report income or adjustments to income that can’t be entered directly on the front page of form 1040). And in 2020, the IRS noted that it will post a cryptocurrency question right on the front page of your Form 1040.

In 2019, the IRS also announced that it was sending letters to taxpayers who might have failed to report income and pay the resulting tax from virtual currency transactions or did not report their transactions properly. The names of these taxpayers were obtained through various ongoing IRS compliance efforts.

(For more on some of those efforts – like the Coinbase court saga – click here.)

Pilot IRS Cryptocurrency Tracing

Now, the IRS is offering what some are calling a “bounty” to those who can assist in tracing cryptocurrency transactions. Specifically, the IRS has created a pilot that will pay cash (up to $625,000) to anyone who can trace Monero or other anonymity-enhanced cryptocurrency, or Lightning or other Layer 2 off-chain cryptocurrency protocols.

You can read the official Request for Proposals (RFP) here (you can also find out more about the process).

The deadline for submissions is Wednesday, September 16, 2020, at 08:00 EDT. No late submissions will be accepted or considered or evaluated.

About Privacy Coins

The focus of the proposal is privacy coins. Privacy coins allow users more anonymity when using cryptocurrency. According to the IRS-CI, the use of privacy coins is becoming more popular not only by investors, but also by illicit actors. For example, according to the IRS-CI, in April 2020, a RaaS (Ransomware as a Service) group called Sodinokibi (a former affiliate with the GrandCrab RaaS group) stated that future ransom request payments will be in Monero (XMR) rather than Bitcoin (BTC) due to transaction privacy concerns.

Bitcoin has become increasingly common since it’s easy to use – even for relative crypto newbies. Bitcoin transactions are open ledger (blockchain): that means that the record-keeping system is “public” through a series or chain of blocks even though the exact identities of the participants (as well as their other details, like account balances) may remain private. This kind of open system encourages transparency but also means that, with some effort, hackers and others – like the authorities – can track down the players in a chain of transactions. 

The result has been a push from some crypto-sectors to completely anonymize all pieces of the transaction. Enter privacy coins. Monero is considered the largest privacy coin on the market right now; the technology it uses extends privacy to senders, receivers, and transaction amounts. Other popular privacy coins include Cash (ZEC) and Dash.

IRS-CI Is Looking For Solutions

Now, IRS-CI is looking for solutions which provide “information and technical capabilities for CI Special Agents to trace transaction inputs and outputs to a specific user and differentiate them from mixins/multisig actors for Monero and/or Lightning Layer 2 cryptocurrency transactions with minimal involvement of external vendors” as well as “technology which, given information about specific parties and/or transactions in the Monero and/or Lightning networks, allows Special Agents to predict statistical likelihoods of other transaction inputs, outputs, metadata, and public identifiers with minimal involvement of external vendors.” In other words, they are looking to crack privacy coins.

If this sounds out of the ordinary, you’re not wrong. And the IRS acknowledges as much, stating, “For those who are familiar with traditional government procurements, Pilot IRS will appear substantively different from how the government normally buys technology. To be fair, it is… This type of approach is more often used in research and development environments, but there are existing regulations that allow federal agencies to buy commercial items in a manner similar with how the private sector would. Pilot IRS will aggressively pursue a streamlined and cost-effective approach to testing and deploying technology solutions that will have an immediate impact on the government’s mission.” 

IRS-CI has noted an uptick in criminal syndicates using privacy coins. And authorities have to be able to keep up. An IRS-CI spokesperson stated that, “IRS-CI is responsible for investigating potential criminal violations of the U.S. Internal Revenue Code and related financial crimes. We are also a global leader in cyber-criminal investigations involving cryptocurrency and have played a lead or key role in the takedown of numerous major Darknet Marketplaces and other transnational criminal organizations facilitating identify theft, narcotics trafficking, money laundering, terrorist financing, sex trafficking, and child prostitution.”

As a result, he explained, “The IRS Cryptocurrency pilot was developed to create and promote innovation in response to ongoing challenges within IRS-CI in hopes of quickly testing, piloting and/or deploying solutions. Privacy coins continue to be a challenge to law enforcement due to their increased anonymity and specific technological enhancements. Currently, there are limited investigative resources for tracing transactions involving privacy cryptocurrency coins such as Monero, Layer 2 network protocol transactions such as Lightning Labs, or other off-chain transactions that provide privacy to illicit actors. The pilot will look to leverage the knowledge of public/private sector and academia to address these specific challenges.” Follow me on Twitter or LinkedIn. Check out my website or some of my other work here

Kelly Phillips Erb

Kelly Phillips Erb

I cover tax and its impact on the lives of taxpayers and tax professionals. In addition to Forbes, you can find me at my own blog, Taxgirl.com, which has been consistently recognized by the ABA Journal as one of the top blogs written by lawyers. You can also subscribe to my newsletter – which features articles from the blog and Forbes – here. I am a member of the bars of Pennsylvania and New Jersey and licensed to practice in front of the U.S. Tax Court. I’m also permitted to engage in pro bono practice in my home state of North Carolina through Legal Aid of N.C.

Finally, I’m a mom to three children, so I can add science fair expert, cupcake baker, and sports mom to my resume

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